A SpaceX holdout: We spoke to a rare analyst who doesn't rate the stock a buy

Wall Street nearly unanimously rated SpaceX a "buy" after its quiet period ended — 18 of 19 sell-side firms were bullish.
The lone hold came from MoffettNathanson's Julie Zhu, who called SpaceX's $2T valuation and nearly $30T TAM overly optimistic and flagged regulatory/antitrust risks.
Major banks stayed very bullish (Goldman $205, JPMorgan $225, Morgan Stanley $300 price targets), fueling debate over whether the stock is priced for perfection.